US average retail gasoline prices to drop through June

25 June 2013 18:23  [Source: ICIS news]

HOUSTON (ICIS)--The national average price for regular unleaded retail gasoline in the US was $3.57/gal, which is four cents less expensive than one week ago and has declined for 12 consecutive days, automobile organisation AAA said in its Fuel Gauge Report on Tuesday.

AAA expects that the national average is likely to continue dropping for the rest of June, but it could climb higher in July as the summer driving season ramps up.

Drivers in 14 states and Washington DC are paying more for gasoline week on week, but declines in all other states were driven mostly from the Midwest region.

“Just weeks after prices in the region soared to new or near record-highs on regional supply and production issues, prices have just as dramatically reversed course, as refinery issues have been resolved and retail prices have come plummeting back to earth,” said AAA’s Michael Green. “One factor that could mitigate a seasonal increase in retail gasoline prices would be lower crude oil prices.”

However, West Texas Intermediate (WTI) crude futures on the NYMEX settled up by $1.49/bbl at $95.18/bbl on Monday after reports of closed Canadian pipelines.

Current average

Week-ago average

Month-ago average

Year-ago average

$3.57

$3.61

$3.63

$3.41

Prices are the US average per gallon of regular unleaded retail gasoline

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By: Anna Matherne
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